The procedures and methods of assessment of construction works loss for Takaful in Malaysia

In the practice of insurance works in the Malaysian construction industry, the Contractor’s All Risk (CAR) policy is essential which specify details of construction works, insurance coverage, risks, losses and compensation entitled for the insured upon the occurrence of insurable risks. Despite the...

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Main Authors:	Mohd Fauzi, Puteri Nur Farah Naadia, Abdul Rashid, Khairuddin
Format:	Conference or Workshop Item
Language:	English English
Published:	International Islamic University Malaysia 2013
Subjects:	HG8719 Islamic Insurance Takaful
Online Access:	http://irep.iium.edu.my/67524/ http://irep.iium.edu.my/67524/1/S25_Puteri_revised2.pdf http://irep.iium.edu.my/67524/8/CD_COVER_MICRA2013.jpg

id	iium-67524
recordtype	eprints
spelling	iium-675242019-04-04T03:42:35Z http://irep.iium.edu.my/67524/ The procedures and methods of assessment of construction works loss for Takaful in Malaysia Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin HG8719 Islamic Insurance Takaful In the practice of insurance works in the Malaysian construction industry, the Contractor’s All Risk (CAR) policy is essential which specify details of construction works, insurance coverage, risks, losses and compensation entitled for the insured upon the occurrence of insurable risks. Despite the practice of insurance contract for construction in Malaysia where standard policy and agreement is been applied and used by the parties, the practice of insurance assessment for compensation and reimbursement of construction works loss specifically under construction works in Contractor’s All Risks (CAR) Takaful policy is based and relied on custom company-based or in-house reports by the experts which are the loss adjusters. The review of this study provided comprehensive understanding of loss assessment for construction works and revealed the lack of standardized industry practice on the takaful assessment for construction work loss due to absence of reliable and published framework. Hence, this study attempts to review and identify current practice in assessing construction works loss under takaful specifically for insurance of works under a Contractor’s All Risk (CAR) Takaful policy. Variety of methods and approaches used by insurers in making assessment for construction works loss for takaful are identified through literature review and content analysis. This paper is expected to produce a summary of the takaful claim and compensation focusing on the methods of assessment for construction works loss through synthesis and synchronization based on the content analysis conducted. The outcome of the study suggest that further research is required in order to develop a standard framework of takaful claim and compensation focusing on the methods of assessment for construction works loss specifically under works insurance in Contractor’s All Risks (CAR) Takaful policies. International Islamic University Malaysia 2013-12-09 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/67524/1/S25_Puteri_revised2.pdf application/pdf en http://irep.iium.edu.my/67524/8/CD_COVER_MICRA2013.jpg Mohd Fauzi, Puteri Nur Farah Naadia and Abdul Rashid, Khairuddin (2013) The procedures and methods of assessment of construction works loss for Takaful in Malaysia. In: 12th Management in Construction Research Association (MiCRA 2013) Conference and Annual General Meeting, 9th December 2013, Kuala Lumpur. (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG8719 Islamic Insurance Takaful
spellingShingle	HG8719 Islamic Insurance Takaful Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin The procedures and methods of assessment of construction works loss for Takaful in Malaysia
description	In the practice of insurance works in the Malaysian construction industry, the Contractor’s All Risk (CAR) policy is essential which specify details of construction works, insurance coverage, risks, losses and compensation entitled for the insured upon the occurrence of insurable risks. Despite the practice of insurance contract for construction in Malaysia where standard policy and agreement is been applied and used by the parties, the practice of insurance assessment for compensation and reimbursement of construction works loss specifically under construction works in Contractor’s All Risks (CAR) Takaful policy is based and relied on custom company-based or in-house reports by the experts which are the loss adjusters. The review of this study provided comprehensive understanding of loss assessment for construction works and revealed the lack of standardized industry practice on the takaful assessment for construction work loss due to absence of reliable and published framework. Hence, this study attempts to review and identify current practice in assessing construction works loss under takaful specifically for insurance of works under a Contractor’s All Risk (CAR) Takaful policy. Variety of methods and approaches used by insurers in making assessment for construction works loss for takaful are identified through literature review and content analysis. This paper is expected to produce a summary of the takaful claim and compensation focusing on the methods of assessment for construction works loss through synthesis and synchronization based on the content analysis conducted. The outcome of the study suggest that further research is required in order to develop a standard framework of takaful claim and compensation focusing on the methods of assessment for construction works loss specifically under works insurance in Contractor’s All Risks (CAR) Takaful policies.
format	Conference or Workshop Item
author	Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin
author_facet	Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin
author_sort	Mohd Fauzi, Puteri Nur Farah Naadia
title	The procedures and methods of assessment of construction works loss for Takaful in Malaysia
title_short	The procedures and methods of assessment of construction works loss for Takaful in Malaysia
title_full	The procedures and methods of assessment of construction works loss for Takaful in Malaysia
title_fullStr	The procedures and methods of assessment of construction works loss for Takaful in Malaysia
title_full_unstemmed	The procedures and methods of assessment of construction works loss for Takaful in Malaysia
title_sort	procedures and methods of assessment of construction works loss for takaful in malaysia
publisher	International Islamic University Malaysia
publishDate	2013
url	http://irep.iium.edu.my/67524/ http://irep.iium.edu.my/67524/1/S25_Puteri_revised2.pdf http://irep.iium.edu.my/67524/8/CD_COVER_MICRA2013.jpg
first_indexed	2023-09-18T21:35:51Z
last_indexed	2023-09-18T21:35:51Z
_version_	1777412814909997056

The procedures and methods of assessment of construction works loss for Takaful in Malaysia

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